Voluntary Termination of Operations of Post Office Transaction Office: Procedures and Implementation

The procedures for voluntarily terminating the operation of a postal transaction office are stipulated in Circular 43/2015/TT-NHNN as follows:

- Lien Viet Post Joint Stock Commercial Bank shall prepare 01 dossier and send it to the State Bank branch or the Banking Inspection and Supervision Department where the postal transaction office is headquartered;- Within 07 working days from the date of receipt of the complete dossier in accordance with Circular 43, the State Bank branch or the Banking Inspection and Supervision Department where the postal transaction office is headquartered shall issue a written approval for the termination of the operation of the postal transaction office; in case of disapproval, a written explanation must be provided.

In which, the application file for approval to terminate the operation of the postal transaction office includes:

- A document from Lien Viet Post Joint Stock Commercial Bank requesting approval to terminate the operation of the postal transaction office, detailing the reason for the termination;- A resolution from the Board of Directors of Lien Viet Post Joint Stock Commercial Bank on the termination of the operation of the postal transaction office;- A plan to resolve the assets, rights, obligations, and related interests of the postal transaction office to be terminated.

Detailed procedures for voluntarily terminating the operation of the Postal Transaction Office can be found in Circular 43/2015/TT-NHNN, effective from March 15, 2016.

-Khanh Chi-

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